Once you find a place you'd like to rent, apply to the landlord or property manager. If your rental application is accepted, you'll need to sign a lease.
Your rental application
When you fill out a rental application, the landlord will likely check your credit report. This is to make sure you can afford the rent and will pay on time. Your credit report shows your record for paying bills and credit cards and paying back loans on time.
What you need
A deposit – can't be more than 1 month's rent or the rent for 1 rental period,
Your financial information – work details, savings and loans, and
2 or more references – from employers, professors or people in respected professions like doctors and lawyers.
Your deposit can only be used as rent for the last period of your stay. It cannot be used to pay for damages that occur while you are renting.
What your lease covers
A lease is a legal agreement between you and your landlord. It shows general information like:
names, addresses and contact information
rent amount and due date
whether utilities are included
amount and terms of deposit
when the rent can be raised
any restrictions like no pets or no smoking.
Understand exactly what you and your landlord are agreeing to. Is it clear what will happen if something goes wrong? Or if you decide to leave?
6 things to check for
Which repairs you must take care of
The notice period you must give – usually 60 days
Rules for subletting
When and how your landlord can enter your place
When your landlord can terminate a lease or evict you
Ways to resolve disputes, for example, over late payments, damages and repairs, eviction notices
If you are leaving home for the first time, consider asking your parents to co-sign your lease.
Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca
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